Edit > Undo reverses the last change made to the story.
Edit > Redo restores the last change undone. When you make a new change, Redo is no longer available.
Undo and Redo are currently available for:
When you make a change that is not yet undo-able, Undo is no longer available. That is, you can only undo the most recent changes that are undo-able.
(Support for undoing more types of actions will be coming in future versions of Springboard.)
The shortcut key for Undo is Ctrl+Z. The shortcuts for Redo are Ctrl+Shift+Z and Ctrl+Y.